Originally posted by anxietydisorder
It serves them right.
If you take out a loan you can't possibly repay, or you fail to read the fine print, then you lose your home.
Sure, the financial institutions offered loans in a way that made them look very attractive while markets were rising, but they didn't forge your
signature on the papers.
If you can't pay you're out.
Go live in a tent if you're that stupid or rent an apartment, because you deserve it.
I personally take offense to your comment an would care to elaborate from another position to show you how wrong you are in judging a book by its
You have a good job, a family to support and own your own home.
You`re a hard worker and a very responsible individual always paying your bills as soon as you get them regardless of the due date.
Your job is seasonal and every year in the winter you take a short term layoff.
Its expected and its no big deal as you can receive unemployment benefits and you are accustomed to this being a short term layoff anywhere from a
week to a month depending upon the construction business.
But this time its different.
It takes a couple months to realize it.
But soon you understand the owner of your company has laid off all union personnel with no desire to re-employ any of them.
Its a matter of union and politics and the bottom line is that you are now out of a job.
You call your union hiring hall as you are supposed to do but work is slow.
You land a couple short term gigs but nothing permanent.
After a while you take on a new venture and take advantage of a great business opportunity.
You are able to take a failing business out of a hole and turn it around within your first 30 days.
Your customer base is growing, business is good and you are building a great reputation.
The customers all love you and you are doing a great job.
At home, you have some other problems.
Your significant other is battling their demons again and its taking a toll on you as well.
The help you thought you were going to have from your partner isn`t there.
Now you`re working a lot of hours to get things accomplished and your getting burned out.
Although your business is doing well and turning a nice profit, your debt, due to a previous extended amount of time without a paycheck and initial
investment in the business, requires more in payments then you are bringing in. You go through all your savings including what you have put aside for
your daughter`s college education.
You do the only natural thing and apply for a loan.
You have great credit, never missed a payment on anything, and your score is very high.
You are going for a debt consolidation loan with cash out as well.
The plan is to re-finance your existing mortgage, pay off all your bills and have a rather large chunk of cash left over for some additional business
The equity is there, you have great credit and within a short period of time you begin the process with a mortgage company.
Its a good thing, because if you couldn`t get this loan you would have to sell the business or else you would eventually lose it.
Its simple mathematics.
They tell you you are approved and that you will be closing within 30 days.
You breathe a sigh of relief and feel like you are on top of the world.
As you await the closing you are in constant contact with the mortgage company always staying on top of things.
After 30 days go by, you begin to call the mortgage company on a more regular basis wondering what is taking so long.
It seems as if they are dragging their feet but they assure you repeatedly that you are getting your loan.
You explain that you are about to fall behind on your bills because you have been depending on this loan to lower your payment significantly.
They repeatedly assure you that it is a matter of days before you close.
But this goes on for over 2 months.
You have completely used up all your resources, all savings, you are dry and you are late on your bills.
Then you get a call from the bank that the mortgage company is middle manning for and they tell you that your credit score is no good.
When you were approved your score was excellent but because they took much longer then they promised, you missed some bills and your score has started
to go down quickly.
Something definitely doesn`t smell right. You can`t put your finger on it but you just know they were trying to get over on you some how.
Nonetheless you are told you won`t be getting a loan.
Now you`re screwed.
Its time to dump the business quick before you lose it all together.
It takes you about another 2 months to find a buyer and finalize the sale.
You sell real cheap, you have no choice, you`re behind on everything.
With the proceeds from the sale you pay your back rent at your business, you catch up on all your bills but when you try to catch up on your home
mortgage, you are a bit too late.
You missed 2 payments and now they don`t want to talk to you.
Its a matter with their legal department now, as your house is in foreclosure.
They won`t take your calls, they won`t return your messages and you get a letter in the mail that your house is going to auction.
You speak to your new employer, a friend of a friend that you recently began working for, and he explains he was in a similar situation a year earlier
and puts you in contact with a friend of his.
This friend is in the mortgage business and tells you what you need to do to save your home.
He puts you in contact with a lawyer friend.
The lawyer says you need to file chapter 13 to enact an automatic stay and prevent the auction process.
You sell your car to pay this guy thousands to file the proper paperwork.
To sum up the rest because its not going to all fit,
the lawyer milks you good but in the end your case is dismissed as you fail to come up with a loan to settle your debt as your lawyer assured you that
you would be able to do through his friend in the mortgage business. In the end they want you to sign over your house to an unrelated third party.
Yes it stinks of scam scam scam.
You battle the foreclosure process for some more on your own only prolonging the inevitable and eventually lose your home.
Everything is @#cked up now. Family and pets are displaced and all living apart from one another.
My point is
DONT JUDGE A BOOK BY ITS COVER!
Not all situations are the same.
Just a few of my circumstances could do it, but I had a lot,
and I`m also leaving out a lot.